MORTGAGE NEWS
December 21, 2022
Homebuyers to See Higher Loan Limits in 2023
Qualified buyers in Alaska will be able to take out larger home loans backed by Fannie Mae and Freddie Mac in 2023 thanks to an increase in home prices. This marks the seventh time the Federal Housing Finance Agency has increased the baseline loan limit since 2006.
Loan limits for conventional loans will increase to the following:
Single Family House/Condo: $1,089,300
Duplex: $1,394,775
Triplex: $1,685,850
Fourplex: $2,095,200
In addition, the Alaska Housing Finance Corporation has increased its loan limits.
Single Family House/Condo: $1,198,230
Duplex: $1,394,775
Triplex: $1,685,850
Fourplex: $2,095,200
Contact us today for more details.
December 21, 2022
Considering a Home Purchase or Refinance in Oregon?
Let us help you with your home loan from right here in Alaska!
We have added Oregon to the growing list of states we can provide home loan services for. The current list now includes Arizona, Colorado, Idaho, Oregon, Nevada, Utah, Washington and Wisconsin.
Talk to one of our expert loan originators to get started.
October 7, 2022
Residential Mortgage Expands Into Arizona and Colorado
We are pleased to announce our expansion into Arizona and Colorado. Loan originators Ron and Brooke Schlachter are based in Phoenix and Sheila Kennelley is in Denver.
Ron has more than 30 years of mortgage experience and holds a Business Administration degree from Columbia Christian College. He is a proud resident of Phoenix and is also licensed in Washington, Utah and Colorado. Brooke has an extensive history in mortgage lending from origination to processing. She will assist Ron with all aspects of the mortgage lending process.
Sheila comes to Residential Mortgage with more than 25 years of lending experience. She is proud to be a local Colorado loan originator.
We are excited to expand into the new markets of Arizona and Colorado. “This is a wonderful opportunity to bring RML’s mission to find the mortgage that best fits our clients’ needs to new states,” says Mike Baldwin, Residential Mortgage President. “Ron, Brooke and Sheila are a great addition the Residential team and we are thrilled to open new locations in both Arizona and Colorado.”
September 16, 2022
Residential Mortgage Announces New President
We are pleased to announce the promotion of Mike Baldwin to President. He will retain his position as Chief Operating Officer as well. Mike has 35 years of experience in the mortgage industry, 32 years as an Executive in management and has been with Residential Mortgage as the Chief Operating Officer since 2021.
Baldwin joined Residential Mortgage from the Pacific Northwest where he led four successful mortgage companies from startup. He holds a Bachelor of Science degree in Business Administration from University of the Pacific in Stockton, California. Baldwin was recognized as one of the “40 Under 40” young business leaders by the Portland Business Journal.
“Mike has been a great addition to our executive team and we look forward to continued growth in the future as he assumes the president role,” noted Steve Aldrich, Residential Mortgage CEO. “Residential Mortgage is the leader in home mortgage lending in Alaska and Mike’s expertise will solidify that position.”
December 24, 2021
Homebuyers to See Higher Loan Limits in 2022
Qualified buyers in Alaska will be able to take out larger home loans backed by Fannie Mae and Freddie Mac in 2022 thanks to an increase in home prices. This marks the sixth time the Federal Housing
Finance Agency has increased the baseline loan limit since 2006.
Loan limits for conventional loans will increase to the following:
Single Family House/Condo: $970,800
Duplex: $1,243,050
Triplex: $1,502,475
Fourplex: $1,867,275
In addition, the Alaska Housing Finance Corporation has increased its loan limits.
Single Family House/Condo: $1,067,880
Duplex: $1,243,050
Triplex: $1,502,475
Fourplex: $1,867,275
Contact us today for more details.
October 28, 2021
Residential Mortgage Hires New COO
We are proud to announce the hiring of Mike Baldwin as our new Chief Operating Officer.
Mike joins us with 35 years of experience in the mortgage industry, 32 years in executive management. He comes to us from the Pacific Northwest where he led four successful mortgage companies from startup. He holds a Bachelor of Science degree in Business Administration from University of the Pacific in Stockton, CA. Baldwin was recognized as one of the “40 Under 40” young business leaders by the Portland Business Journal.
“We are excited to welcome Mike to Residential Mortgage and look forward to his leadership and expertise in the mortgage lending arena,” noted Steve Aldrich, Residential Mortgage CEO. “Residential Mortgage has continued to grow in the past few years and Mike’s presence on the leadership team will bring a new perspective to our business throughout the state.”
December 31, 2020
Homebuyers to See Higher Loan Limits in 2021!
Qualified buyers in Alaska will be able to take out larger home loans backed by Fannie Mae and Freddie Mac in 2021 thanks to an increase in home prices.
Loan limits for conventional loans will increase to the following:
Single Family House/Condo: $822,375
Duplex: $1,053,000
Triplex: $1,272,750
Fourplex: $1,581,750
In addition, the Alaska Housing Finance Corporation has increased its loan limits.
Single Family House/Condo: $904,613
Duplex: $1,053,000
Triplex: $1,272,750
Fourplex: $1,581,750
Contact us today for more details.
April 1, 2020
Down Payment and Closing Cost Assistance Grants Now Available
Residential Mortgage is offering home buyers down payment and closing cost assistance grants through the Federal Home Loan Bank of Des Moines.*
Home$tart
This program is available to qualifying home buyers earning up to 80% of area median income for the location of the residence being purchased. Median income information for Alaska communities can be found on the Department of Housing and Urban Development (HUD) website at www.huduser.org. Income limits are adjusted based on household size.
Home$tart recipients must also:
Have one first-time homebuyer on title. Please ask your loan originator who qualifies as a first-time homebuyer.
Complete a home buyer education class.
Qualify for mortgage financing with Residential Mortgage.
All household PFD income and minor non-employed income must be included in the annual income calculations.
Home$tart participants may receive up to $7,500 in grant funds.
Native American Homeownership Initiative (NAHI)
To qualify for this program, at least one of the homebuyers must be an enrolled member of a federally recognized tribe, or a member or shareholder of an Alaska Village or Regional Corporation. In addition, the home buyers can only earn up to 80% of area median income for the location of the residence being purchased. Median income information for Alaska communities can be found on the HUD website. Income limits are adjusted based on household size.
NAHI recipients must also:
Complete a home buyer education class if first-time home buyer.
Qualify for mortgage financing with Residential Mortgage.
All household PFD income and minor non-employed income must be included in the annual income calculations.
NAHI participants may receive up to $15,000 in grant funds.
Home$tart and NAHI grants may be used for down payment and closing costs towards the purchase of owner-occupied single-family homes, condominiums and other types of residences. The home you purchase must be used for your primary residence.
If your home is purchased with assistance, it’s subject to a five-year deed restriction requiring that you return a portion of the grant if you sell your home within five years. If you sell your home at a net loss or to another low- or moderate-income home buyer or if you lose your home through foreclosure, the prorate amount owed on your grant will be forgiven. However, if you live in the home for at least five years, you never have to repay the grant.
To see if you qualify, contact us today.
*Limited grants available on a first-come, first-served basis.
December 19, 2019
Homebuyers to See Higher Loan Limits in 2020!
Qualified buyers in Alaska will be able to take out larger home loans backed by Fannie Mae and Freddie Mac in 2020 thanks to an increase in home prices. The new limits are a 5.3% increase over the 2019 limits.
Loan limits for conventional loans will increase to the following:
Single Family House/Condo: $765,600
Duplex: $980,325
Triplex: $1,184,925
Fourplex: $1,472,550
In addition, the Alaska Housing Finance Corporation has increased its loan limits.
Single Family House/Condo: $842,160
Duplex: $980,325
Triplex: $1,184,925
Fourplex: $1,472,550
Contact us today for more details.
August 7, 2019
Soldotna Office Has Moved
Our Soldotna office has moved into the Northrim Bank building next door to its old location! Starting today, you can find Loan Originator Aaron Swanson and his team at 44384 Sterling Highway, Suite 102. Stop in or call 260-9705 to schedule an appointment to meet with Aaron.
April 19, 2019
Relocating? Looking for a Retirement or Vacation Home?
We have added Idaho to the list of states we can provide home financing for!
Considering a home purchase or refinance in Arizona, Colorado, Idaho, Nevada, Washington or Wisconsin? Let us help you with your home loan from right here in Alaska!
Contact us today to get started.
April 5, 2019
Kodiak Office Closure
Our Kodiak office will be closing Friday, April 19. Mortgage Loan Originator Carrie Morton will be relocating to the main office at 100 Calais Drive in Anchorage. She served her Kodiak neighbors for more than 28 years and is still available for all their home financing needs. Contact Carrie today.
March 1, 2019
Purchase Renovation Loans Available
Seventy-five percent of Alaska's homes were built between 1970 and 1990, putting them way past their functional and cosmetic life. If your dream home doesn’t quite fit your style and personality, we have something for that.
With an Alaska Housing Finance Corporation Purchase Renovation loan from Residential Mortgage you are able to finance your home renovation in conjunction with your purchase loan, meaning less paperwork and only one set of closing costs.
Below you’ll find some quick facts about the loan and its requirements.
Available to all Alaska residents.
Properties eligible include: owner-occupied single-family residences, duplexes, triplexes, fourplexes, and condominium units as well as rural non-owner-occupied duplexes, triplexes and fourplexes.
Written estimates must be supported by a bid or contract signed by a licensed contractor. Borrowers doing the work themselves must provide evidence of their qualifications to complete the project.
Both an “as-is” and “as-complete” appraisal is required.
50% of the total loan amount, or $75,000, whichever is LESS will be held in escrow. In addition, a 10% contingency is required for cost overruns. Unused escrow funds are applied to the principal. The term of the escrow may not exceed 180 days.
Additions are subject to additional requirements.
A final inspection is required.
For more information, or to apply for a loan, contact us today.
February 25, 2019
Fairbanks Office Move
Our main Fairbanks office has moved - one mile southwest of its old location! You can now find us at 324 Old Steese Highway. Stop in or call 452-8800 to schedule an appointment to meet with a loan originator there.
You can also find our loan originators inside the Northrim Bank branch at 360 Merhar Avenue and inside Somers & Associates at 711 Gaffney Road.
December 10, 2018
Considering a Home Purchase or Refinance in Wisconsin?
Let us help you with your home loan from right here in Alaska!
We have added Wisconsin to the growing list of states we can provide home loan services for. The current list now includes Arizona, Colorado, Nevada, Washington and Wisconsin.
Talk to one of our expert loan originators to get started.
November 29, 2018
Homebuyers to See Higher Loan Limits in 2019!
Qualified buyers in Alaska will be able to take out larger home loans backed by Fannie Mae and Freddie Mac in 2019 thanks to an increase in home prices. The new limits are a 6.9% increase over the 2018 limits.
Loan limits for conventional loans will increase to the following:
Single Family House/Condo: $726,525
Duplex: $930,300
Triplex: $1,124,475
Fourplex: $1,397,400
In addition, the Alaska Housing Finance Corporation has increased its loan limits.
Single Family House/Condo: $799,177
Duplex: $930,300
Triplex: $1,124,475
Fourplex: $1,397,400
Contact us today for more details.
November 29, 2018
Residential Mortgage No Longer Charges an Origination Fee
Residential Mortgage no longer charges an origination fee on most of its home loans, lowering out-of-pocket closing costs to qualified homebuyers.*
Instead of paying the customary 1% origination fee, you’ll pay a processing fee and an underwriting fee.
The money you save could be in the thousands, and be used to increase your down payment, set up an emergency fund for those inevitable home repairs, lower debt, or whatever you choose.
Local service, more programs and fewer fees set us apart from other lenders.
For more information, or to pre-qualify, contact us today.
*Restrictions may apply. Amount of savings depend on the loan amount. Minimum loan amount to save is $105,000. Not available on AHFC loans.
November 29, 2018
Consider a Refinance Renovation Loan for a Needed Remodel
Are you ready to renovate your outdated kitchen or master bath and increase your home’s value? What about increase the energy efficiency of your home to save you money? All of that - and more - is possible with an Alaska Housing Finance Corporation Refinance Renovation loan from Residential Mortgage.
Below you’ll find some quick facts about the loan and its requirements.
Available to all Alaska residents.
Properties eligible include: owner-occupied single-family residences, duplexes, triplexes, fourplexes, and condominium units as well as rural non-owner-occupied duplexes, triplexes and fourplexes.
Written estimates must be supported by a bid or contract signed by a licensed contractor. Borrowers doing the work themselves must provide evidence of their qualifications to complete the project.
Renovations must comply with state laws regarding contractor licensing and minimum construction standards.
An “as-complete” appraisal is required.
50% of the total loan amount, or $75,000, whichever is LESS will be held in escrow. In addition, a 10% contingency is required for cost overruns. Unused escrow funds are applied to the principal. The term of the escrow may not exceed 180 days.
Additions are subject to additional requirements.
A final inspection is required.
For more information, or to apply for a loan, contact us today.
November 29, 2018
100% VA Cash-Out Refinance for Qualified Veterans
Qualified veterans are able to refinance up to 100% of your home’s value with a VA Cash-Out home loan.
A VA Cash-Out Refinance loan provides access to cash from the equity you’ve built up in your home – and you’re free to use the money for whatever you want!
Remodel your home
Pay off high-interest debt
Eliminate tuition-related debt
Buy a car or boat
Compared to many other kinds of loans, the VA Cash-Out is often your best way to convert your home’s equity into cash because it’s often offered at a lower rate when compared to a conventional cash out loan.*
Low interest rates and high home values make it a great time to tap into your home’s equity for other expenses. Contact us today to find out if you qualify.
*Property must be owner occupied. Requires a full appraisal as the loan amount is based upon the current appraised value. Maximum loan amount is different in each state. Ask your loan originator for specifics. Applicants are not required to extract cash. Closing costs and funding fee can be rolled into the entire loan amount. By refinancing an existing loan, total finance charges may be higher over the life of the loan.